My conveyancer has uncovered a a problem with the lease for the property we are purchasing in Pontypool. The other side have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must check that the mortgage company is content with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
We are close to exchanging contracts on the sale of our house in Pontypool and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. Any local lawyer would know that there is no such problem. For the life of me I don't know why the purchasers are using a web based conveyancing practice as opposed to a conveyancing solicitor in Pontypool. Having lived in Pontypool for six years we know that this is a non issue. Should we contact our local Authority to get clarification that there is no issue.
It sounds as though you may have a conveyancing firm currently acting for you. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, no chain conveyancing. Pontypool is the location of the property. Can you shed any light on this issue?
Flying freeholds in Pontypool are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Pontypool you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pontypool may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
In my capacity as executor for the will of my grandfather I am selling a house in Monmouth but reside in Pontypool. My lawyer (who is 235 kilometers from mehas requested that I sign a statutory declaration before the transaction finalising. Could you suggest a conveyancing practitioner in Pontypool to attest this legal document for me?
strictly speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will be fine regardless of whether they are Pontypool based
I have recently realised that I have 62 years remaining on my flat in Pontypool. I now wish to get lease extension but my freeholder is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to demonstrate that you have done all that could be expected to track down the landlord. On the whole an enquiry agent should be useful to conduct investigations and prepare an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on proving the landlord’s disappearance and the application to the County Court covering Pontypool.
I bought a split level flat in Pontypool, conveyancing formalities finalised 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Pontypool with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ceases on 21st October 2098
With 74 years left to run we estimate the price of your lease extension to span between £8,600 and £9,800 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
We have been told by numerous estate agents that it should take up to two months for Pontypool conveyancing to complete.This was 3 ago. The property information was only received to my property lawyer last week so does the time start running now?
There is no official countdown for conveyancing in Pontypool, or any location. You simply have to ensure that your finances are in order and in due course the rest will come together.